Vice-Premier Ma Kai called for building an effective financial cooperation platform in Asia, as he addressed the opening ceremony of the Asian Financial Cooperation Association in Beijing on July 24.

As Asian financial development and cooperation see new opportunities and challenges, it is important for countries in the region to strengthen cooperation among financial institutions, prevent economic and financial risks and maintain a healthy and stable financial development, he said.

He said the Asian Financial Cooperation Association is another regional financial organization proposed by China after the Asian Infrastructure Investment Bank (AIIB), a new attempt by China to provide public good to the Asian and international financial sector.

The association should adopt “connectivity, cooperation, joint governance, and shared benefits” as its mission, set up financial innovation and promotion platforms, and encourage finance to serve the real economy, he said.

He also urged the association to try a new transnational financial cooperation mechanism, by setting up a coordination mechanism to prevent risks and maintain regional financial security.